KULR Lands Initial $400K NASA Contract for Automated Battery Cell Testing, $2M in Total Orders Anticipated Over Several Quarters
KULR Technology Group has secured a $400,000 initial contract with NASA for automated battery cell screening, part of a larger $2 million multi-phase agreement. The contract involves testing lithium-ion cells for the Artemis Program and other manned space missions, meeting NASA's stringent safety specifications. KULR's technology is vital for future Artemis missions, with plans to expand support to 21700 cells by year-end. The collaborative project will enhance KULR's portfolio and reinforce its strategic partnership with NASA, positioning the company for growth in the global battery cell testing market, which is expected to reach $7 billion by 2030.
- KULR secures an initial $400,000 NASA contract, part of a $2 million multi-phase agreement.
- The contract enhances KULR’s position in the global battery cell testing market.
- Plans to expand technology to support 21700 cells by year-end.
- Strengthens strategic partnership with NASA, reinforcing KULR's role in aerospace energy management.
- The agreement is multi-phase and may not guarantee the full $2 million if future phases are not awarded.
KULR's new contract with NASA marks a significant milestone for the company, particularly in the
For retail investors, the contract is a key indicator of KULR’s technological prowess and trustworthiness. NASA’s endorsement could lead to a halo effect, providing KULR with enhanced credibility and visibility in the industry. This is important as battery safety becomes increasingly vital in a variety of applications, from consumer electronics to electric vehicles and aerospace. Short-term, this contract provides a solid revenue stream, while long-term, it opens doors for more significant and diverse contracts.
However, investors should remain cautious of the scalability challenges KULR might face as it strives to expand its technology to support more complex battery cells and integrate them into various mission-critical applications. The company's ongoing efforts to expand its capabilities by year's end could strain its resources and operational capacities, albeit potentially rewarding.
The initial
From a financial perspective, this contract will likely improve KULR’s cash flow, which can be reinvested into expanding their technological capabilities and production capacities. This approach aligns well with their strategic goals of penetrating the CubeSat and SmallSat markets and supporting customized battery design activities. Retail investors should see this as a positive sign of the company's financial health and growth potential.
However, the nature of government contracts means there's an inherent risk of delays or changes in scope, which could impact revenue timing. Additionally, while the NASA contract is prestigious, it’s essential to assess how these revenues compare to KULR's overall financial health and whether they can sustain such growth without over-leveraging.
SAN DIEGO, July 08, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced it has been awarded a purchase order exceeding
With a leading position in safe battery design and testing, and as a significant player in the global electrification movement, KULR is among the few companies to meet the stringent requirements and rigorous testing standards of NASA's JSC 20793 Revision D for crewed space missions. This qualification enables KULR’s products and solutions to be used in the Artemis missions and other upcoming critical space voyages.
According to Straits Research, the global battery cell testing market is anticipated to grow at a CAGR of
KULR specializes in evaluating battery cells essential for manned space missions. To meet growing demand, the Company plans to expand its technology to support 21700 cells by year's end, enhancing safety and reliability for various mission-critical applications. The design and development work for this project will be a collaborative effort between KULR’s state-of-the-art facilities located in Webster, Texas, and San Diego, California, and is a vital cornerstone of expanding the KULR ONE Space (K1S) portfolio into CubeSat and SmallSat markets, customized battery design activities, and preparedness for low volume but high technical niche battery production.
KULR’s modular screening technology offers scalability to meet market demands, reinforcing its strategic partnership with NASA and its role in aerospace energy management and battery safety. As the drive for electrification and sustainable energy grows, KULR is well-positioned to leverage new opportunities and advance battery design and safety measures in collaboration with industry partners.
About KULR Technology Group, Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether because of new information, future events or otherwise.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
FAQ
What is the value of the initial contract KULR received from NASA?
What is the total potential value of the multi-phase agreement between KULR and NASA?
Which space missions will KULR's battery testing technology be used for?
What are the safety specifications KULR's battery cells need to meet for NASA missions?
By when does KULR plan to expand its technology to support 21700 cells?
What is the anticipated growth rate of the global battery cell testing market?
What is the estimated market value of the global battery cell testing market by 2030?
